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Hyperliquid Leads Perpetual DEXs with $89.5M in Monthly Fees

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Hyperliquid led perpetual DEXs in December 2025 with $89.5M in monthly fees, per Phoenix Group. The platform saw 310.5K active addresses and $4.5B TVL, showing strong market performance. edgeX, Jupiter, and Aster followed with $61.1M, $54.6M, and $48.3M in fees. Lighter, ApeX, and GMX grew steadily, while Extended, Drift, and Avantis gained traction. The decentralized derivatives market cap remains concentrated at the top, with mid-tier platforms closing the gap.
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